Shares of Adobe jumped 9.4% Friday after beating Wall Street estimates, and the broader market surged on hopes for lower oil prices.
Adobe’s shares rose after the company’s earnings topped analysts’ estimates on strong sales of Creative Suite and Acrobat, as investors shook off fears of competition from Microsoft to send the stock higher. Shares of Macromedia
, which Adobe plans to acquire pending Justice Department approval, climbed 9.1%.
The broader market rose on OPEC comments that raised hopes for lower oil prices, and a big drop in consumer sentiment gave traders hope that the Federal Reserve won’t raise interest rates when it meets next week.
The Nasdaq rose 14 to 2160, the S&P gained 10 to 1237, and the Dow climbed 83 to 10,641. Volume soared to a whopping 3.1 billion shares on the NYSE, driven by futures and options expiration, and 2.27 billion on the Nasdaq. Advancers led 19-13 on the NYSE, and 19-11 on the Nasdaq. Upside volume was 66% on the NYSE, and 60% on the Nasdaq. New highs-new lows were 273-104 on the NYSE, and 220-106 on the Nasdaq.
Corning climbed 3.5% on a Merrill Lynch upgrade, and JDS Uniphase
rose 8% on a Citigroup upgrade.
Intel added 1% on a CSFB upgrade.
